The High Burden Of Paying More Than Half Your Income In Rent!

Paying rent is a growing burden for most New York households. According to a Streeteasy study released in March 2015, annual rent will account for nearly 60 percent of a typical New York household’s annual income this year. To live alone and rent a one-bedroom in Manhattan, you’ll have to earn roughly $130,800 a year. That’s 40 times the amount of September’s median monthly asking rent, which was a record $3,271, according to streeteasy. If your rent is more than 30 percent of your household income, according to standard practices espoused by housing policy experts, then you are considered “rent burdened.” If you’re paying more than 50 percent, you’re considered “severely rent burdened.” So where can New Yorkers earning the median income of $52,259 a year rent even a studio apartment without shelling out more than 30 percent of their income? Check out this map DNA Info put together.